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Prudential Plc to demerge UK, Europe biz as FY'17 profit rises YOY

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Prudential Plc to demerge UK, Europe biz as FY'17 profit rises YOY

Prudential Plc said it intends to demerge M&G Prudential, its U.K. and Europe business, from its international business, resulting in two separately listed companies with different investment characteristics and opportunities.

In preparation for the demerger process, and to align the ownership of the group's businesses with their operating structures, the company intends to transfer the legal ownership of its Hong Kong insurance subsidiaries from The Prudential Assurance Co. Ltd., M&G Prudential's U.K. regulated insurance entity, to Prudential Corp. Asia Ltd. The transfer is expected to complete by 2019-end.

The British insurer reported full-year 2017 net profit of £2.39 billion under International Financial Reporting Standards, up from £1.92 billion a year ago.

More details to follow.